Have been working through $CEL #celsiusnetwork's $750m Series B round. Will share #googlesheets file tomorrow. Here's a preview.
3 Dec 2021 #Celsius resolved to issue up-to 36,930 Series B shares at a price of US$20,469 per share. As at 2 Feb 2022 total of 32,182 Series B shares had been issued. I'm presuming #bnktothefuture will have closed out the balance. 
The #Celsius Cap table (as at 2 Feb) with pre/post money for each issue.
#tether have done well out of their investment in #celsiusnetwork
Their total investment of US$63m post Series B is valued at US$245m an uplift of $182m (3.9x)
Their total investment of US$63m post Series B is valued at US$245m an uplift of $182m (3.9x)
#westcap and CDP invested just shy of $590m for what is essentially a minority stake.....they have a bunch of rights sown into the articles. Which I'll go through tomorrow. But net for net they have been (in my opinion) far more generous than they should have.
What's pretty clear is that the generous valuation is at least in part based on the belief that #Celsius can be flipped into a #SPAC or #IPO
The Lead investors have set hurdle rate for the liquidity event at 1.5x their Series B investment - which equates to pricing a SPAC reverse at US$4.8Billion....Following announcement of the series B Mashinsky was blowing his trumpet that Celsius would be worth 7.5-10B next round.
btw I'm NOT a fan of #celsius I believe a) their model is flawed and un-sustainable; b) marketing is wholly misrepresentative; c) $CEL its so tightly held and controlled it does not meet the definition of a market...
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